Bitcoin's value is largely determined by the market forces of supply and demand, and external factors such as inflation and interest rates can have an impact on the value of the USD, which in turn can affect the value of Bitcoin when it is paired with the USD.

Bitcoin is not directly controlled by any central authority or institution, including the FOMC or the Federal Reserve. However, the USD is still the dominant currency in the world, and the value of Bitcoin is often expressed in USD terms, making it vulnerable to changes in the USD's value and other external factors that affect the USD.